The Baltimore-based company lost its bid for basketball star Kevin Durant over the weekend, ESPN reports.

Under Armour had reportedly offered the Oklahoma City Thunder forward between $265 million and $285 million, which would have been company's biggest endorsement deal ever.

But Nike exercised its right to match the offer, and Durant decided to stay with the company. The overall value of the new deal could amount to more than $300 million, according to ESPN.

Under Armour's offer was intended to widen its share of the basketball market, which now stands at less than 1%. By comparison, Nike is estimated to control 96% of that market.

"He's one of the premier basketball players in the country," Matt Powell, a retail analyst and owner of Princeton Retail Analysis, said of Durant to The Baltimore Sun. "Having him on board would give them additional credibility in their basketball category."

Colorado State Rams players tie their Under Armour sneakers.
Getty
Wall Street is betting on Under Armour's ability to chip away at Nike's empire. The stock is up more than 1,000% over the past five years.

But it is still considered a clear underdog. Under Armour has a market cap of just $15 billion compared with more than $68 billion for Nike.

The company has experienced massive growth over the past two decades, but its sales are still only a tiny fraction of Nike's.

When Under Armour was founded in 1996, it had $17,000 in revenue. This year, it is expected to bring in $3 billion. By comparison, Nike is expected to bring in about $28 billion this year.
BusinessInsider.com